Citibank’s U.S. bank credit card profits increased substantially from one-year ago driven by record low delinquency and charge-offs coupled with rising purchase dollar volume and higher net credit margin. Citi’s U.S. retail credit card profits of $430 million were likewise up year-on-year. Citi’s total delinquency rate for U.S. bank credit cards, as a percentage of EOP outstandings, declined 20 basis points from the prior quarter to 1.67% and dipped 14 bps from the year ago quarter.
TSB has rolled out 2.2 million new contactless debit cards increasing the number of TSB customers able to tap and go by almost five times. The Bank has already seen contactless spend rocket in June to nearly six times the amount spent on contactless cards in January and contactless taps by TSB customers also increased fourfold. This is due to more customers having contactless cards but also shows that more people are comfortable with making contactless payments. According to TSB data, the average contactless payment has been consistently between £6 and £7 over the past six months, with many using their contactless cards for smaller purchases.
ADS’ BrandLoyalty business launches promotional loyalty programs with top high-frequency retailers across Europe and Asia, including Italy, France, Netherlands, Croatia, Slovenia and Taiwan. Two new partnerships also mark BrandLoyalty’s expansion into the key consumer markets of Russia and China.
Card Cells unveils its latest extension, Card Cells Concierge, developed to help customers easily create custom plastic cards on-demand for gift cards, loyalty cards, membership cards, business cards and more. Card Cells Concierge provides custom plastic card printing, manufacturing and design for gift cards, loyalty cards, membership cards, business cards and more.
Aconite’s Smart EMV Manager system been interfaced to the Visa Mobile Gateway to enable the first mobile phone application for contactless payments in the Greek market. First Data Hellas selected Aconite’s Smart EMV Manager, which includes an EMV Scripting engine, to enable remote over-the-air management of the settings within the Visa mobile payWave EMV application installed in a custom SIM. Aconite solutions insulate banks and service providers from the complexity of the transition to mobile payments by making it a natural extension of their existing card issuing and management capabilities.
The Minnesota Twins are suing Visa and MasterCard, alleging the associations gouge fan ticket purchases when they use their credit card. Alleging unfair, uncompetitive “swipe fees” hurt small merchants, cost jobs and raise the price of everything and can run as high as 4% of a purchase, the Team asserts these fees add up fast to around $50 billion a year for the banks, with profit margins of thousands of percent. Every merchant large and small in the country has to pay these fees because Visa and MasterCard control the vast majority of the market for credit and debit cards, according to the team. The Twins had joined thousands of merchants and service companies in suing Visa and MasterCard in a class-action lawsuit. But like many other companies, they dropped out and have now filed their own suit to end the anti-competitive abuses of the credit-card industry.
SecureNet has named Matt Odirakallumkal senior vice president of risk management. Here he will oversee the improvement of SecureNet’s merchant experience, including automated underwriting and boarding, and the simplifying of SecureNet’s online merchant application. He will also be responsible for increasing the speed at which new customers are onboarded. Matt will lead the underwriting and risk divisions at SecureNet.Matt has nearly 25 years of experience in the financial services and credit industries. In his previous role at Braintree, Matt led the development of the company’s underwriting and risk management strategy which included streamlined merchant boarding, establishment of underwriting/risk policies and procedures as well as the implementation their risk management system. He has served with Braintree and as director of US credit for Moneris Solutions.
The ATM Industry Association (ATMIA) announced the first ever ATM operator to be internationally certified after completing the industry’s new professional online operational training. Amy Coulson, Operations Manager with Pueblo Bank & Trust, has been awarded the industry endorsed International Certificate for ATM Operators to become the first certified ATM Operator since the training launched earlier this year. The courses offered are online, represent job-specific training for ATM operators and have been developed by ATMIA on an international level for all ATM operators/owners irrespective of which regional, national or global markets they operate ATMs in. Participation in the ATM Operator training is user-friendly, with all courses automatically tracked electronically via ATMIA’s website.
MICROS Systems, which is being acquired by Oracle, teams with Elavon to integrate their respective gateway and security products to deliver encryption and tokenization for the hotel and food and beverage industries. Teaming MICROS Payment Gateway and Elavon’s Fusebox gateway is a major breakthrough for the hospitality industry .
Diebold and Wincor Nixdorf form a new association to establish industry-wide norms in the form of agreed technical standards for secure ATMs and ATM components. The aim of the association is for banks and other users to be able to draw on a uniform set of readily available and thoroughly reviewed solutions if they so choose. Both companies are looking to institutional operators – primarily banks and IT service providers – global ATM manufacturers and their suppliers to join the new association.
The number of credit card users using their cards as a transactional tool rather than as a form of debt has been rising this year. Furthermore, for the first time in more than a year credit card delinquencies headed south in 2014 by 16 basis points (bps) and remain well below their 15-year average of 3.82%. Only 2.44% of all credit card accounts were more than 30 days past due in the first three months of this year.
Anderson Zaks Payment Services partnered Datecs to develop a fully secure, scalable m-POS solution. This combines Datecs’ BluePad 50 universal mobile payment device with Anderson Zaks’ RedCard payment processing service and is fully compatible with EPOS solutions running on Android, Win8 and iOS tablets. The system includes point to point encryption from the PIN pad to the RedCard software, providing a payments solution that can be used with confidence in a mobile EPOS (or m-POS) environment, and reduces the PCI scope for the merchant or retailer. Anderson Zaks RedCard Processing Service offers easy integration and supports credit, debit, ETU, DCC, gift and contactless and NFC payment card types.